Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One company to watch right now is New Gold (NGD). NGD is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock holds a P/E ratio of 9.89, while its industry has an average P/E of 13.71. NGD's Forward P/E has been as high as 24.11 and as low as 9.03, with a median of 12.83, all within the past year.

Investors should also note that NGD holds a PEG ratio of 0.28. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. NGD's industry has an average PEG of 0.50 right now. Within the past year, NGD's PEG has been as high as 0.64 and as low as 0.27, with a median of 0.46.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. NGD has a P/S ratio of 2.86. This compares to its industry's average P/S of 3.16.

Finally, our model also underscores that NGD has a P/CF ratio of 8.68. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 14.45. Over the past year, NGD's P/CF has been as high as 9.59 and as low as 4.42, with a median of 7.70.

These are just a handful of the figures considered in New Gold's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that NGD is an impressive value stock right now.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

New Gold Inc. (NGD) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research